As in all other states, many couples in Pennsylvania make the painful decision that it is time to end their marriages. Even when both spouses want the divorce, it is a confusing time of fluctuating emotions. On one hand, you may mourn the loss of your marriage. On the other hand, you may feel excited about starting fresh. While divorcing spouses struggle with the emotional side of divorce, they may neglect the event’s financial side.
Ending a marriage often comes with significant financial consequences, which can continue for a long time if left unaddressed. Your attorney can help you shore up your finances during the property division phase of divorce, but you can do much on your own to improve your situation. Avoiding the following three finance-related mistakes during and after your split is a great way to get started.
Not creating a financial plan
Creating a fresh financial plan, including a budget, improves your odds of starting a new chapter as unencumbered by financial hardships as possible.
Overspending
One way some people cope with their emotions during and after divorce is by making new and possibly extravagant purchases. To keep your finances intact, avoid succumbing to urges you may have to just go shopping.
Cashing in your investments
Having sound investments contributes to your future financial security. Even though money is tight, and you could use the extra cash, do everything you can to keep your investments securely in place.
Keeping a realistic viewpoint about your financial situation is a guideline many divorce lawyers share with their clients. Looking after your money while getting a divorce improves your future prospects while helping you feel more secure about living on your own.